Construction outlays pick up in May--bigger than projected
WASHINGTON (MarketWatch) — Outlays for U.S. construction projects jumped in May, a government report showed.
Construction spending rose a stronger-than-expected 0.9% in May to a seasonally adjusted annual rate of $830.0 billion, the Commerce Department reported Monday.
The figures are not adjusted for price changes.
This was the biggest increase of the year and was well above analysts’ expectations of a 0.2% rise.
Reuters Spending is at its highest level since December 2009. Spending is up 7% compared with May 2011.
In addition, April construction spending was revised up to show a 0.6% increase from the previous estimate of a 0.3% rise.
Analysts think that the housing sector is slowly showing signs of life after five years of weakness.
http://www.marketwatch.com/story/construction-outlays-pick-up-in-may-2012-07-02
